The study has found that there has been a dramatic increase in the number of people who cannot afford to pay their mortgage and household bills.

Of those surveyed 8pc are struggling to make ends meet and say their income does not even cover utility bills like the ESB.

While 7pc said they have no money left after they meet all their commitments, 23pc said they have just €70 a month to live on once all the bills are paid.

The report is the second in a series entitled 'What's Left' which tracks how much disposable income Irish people have, what they are spending their money on and what financial hardships they face.

The chief executive of the credit union league, Kieron Brennan, described it as a “further indication of just how hard the ordinary people of Ireland are being hit by increasing household expenses”.

“We have reached the mid-2011 mark and the crisis for families across the country is escalating. Even more people with only a small percentage of their income left feel like there is no future for themselves or their families in Ireland.”